Investment Rating - The investment rating for Tianshan Aluminum (002532) is "Buy" [1] Core Views - The company has achieved a revenue of 22.32 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 7.34%. The net profit attributable to shareholders reached 3.34 billion yuan, up 8.31% year-on-year [2] - The company continues to focus on cost reduction and efficiency improvement, with a significant increase in gross profit margin from 20.25% in Q2 2025 to 27.23% in Q3 2025, driven by rising aluminum prices and lower electricity costs [3] - The company is progressing well in its capacity expansion, with a 200,000-ton electrolytic aluminum capacity under construction, expected to be operational by the end of November 2025 [4] Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 6.994 billion yuan, a decrease of 0.25% year-on-year and a decrease of 5.53% quarter-on-quarter. However, the net profit attributable to shareholders was 1.256 billion yuan, showing a year-on-year increase of 24.30% and a quarter-on-quarter increase of 22.41% [2] - The company forecasts revenues of 30.8 billion yuan, 33.8 billion yuan, and 37.5 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 5.03 billion yuan, 6.16 billion yuan, and 7.16 billion yuan [5] Profitability and Efficiency - The gross profit margin is expected to improve from 23.3% in 2024 to 26.3% in 2027, reflecting ongoing cost control measures and operational efficiencies [5] - The earnings per share (EPS) are projected to be 1.08 yuan, 1.32 yuan, and 1.54 yuan for 2025, 2026, and 2027, respectively [5] Capacity Expansion - The company is undertaking a green low-carbon energy efficiency upgrade for its 1.4 million tons of electrolytic aluminum capacity, with the construction of an additional 200,000 tons of electrolytic aluminum capacity progressing smoothly [4]

Core Viewpoint - Tianshan Aluminum Group Co., Ltd. is preparing for its second extraordinary general meeting of shareholders in 2025, focusing on governance and the nomination of an independent director candidate [9][10][37]. Financial Data - The third quarter financial report has not been audited, and the company confirms that there are no adjustments or restatements of previous accounting data [3][8]. - The company has completed a share buyback plan, repurchasing a total of 23.71 million shares, which is 0.51% of the total share capital, with a total expenditure of approximately 200 million yuan [6]. Shareholder Information - The company will hold its second extraordinary general meeting on November 10, 2025, with provisions for both on-site and online voting [11][12]. - The meeting will address several proposals, including the nomination of an independent director and amendments to the company's articles of association [16][37]. Independent Director Nomination - The board has nominated Chen Timothy Teck-Leng as an independent director candidate, with a proposed annual remuneration of 150,000 yuan before tax [37][38]. - The candidate has extensive experience in banking and finance, having held various senior positions in international financial institutions [39][40].

Core Viewpoint - Tianshan Aluminum Group Co., Ltd. has approved a cash dividend distribution plan for the first half of 2025, distributing 2 RMB per 10 shares to shareholders, totaling approximately 917.98 million RMB, with specific tax considerations for different types of shareholders [2][6][10]. Summary by Sections Dividend Distribution Plan - The company will distribute a cash dividend of 2 RMB per 10 shares (including tax) to all shareholders, based on a total share count of 4,589,876,885 shares after excluding 62,008,530 shares held in the repurchase account [2][6]. - The total cash dividend to be distributed amounts to 917,975,377 RMB [2][6]. Shareholder Rights - Shares held in the repurchase account do not participate in this dividend distribution [6][10]. - The distribution is based on the total share count minus the repurchased shares, ensuring that only eligible shareholders receive the dividends [9][10]. Key Dates - The record date for the dividend distribution is set for October 29, 2025, and the ex-dividend date is October 30, 2025 [7]. Tax Considerations - Different tax rates apply to various categories of shareholders, with specific provisions for Hong Kong investors and domestic investors holding different types of shares [6][10]. - The company will not withhold personal income tax for individual shareholders at the time of distribution, but tax will be calculated based on the holding period when shares are sold [6][10]. Implementation Details - Cash dividends will be directly credited to shareholders' accounts through their custodial securities companies on the ex-dividend date [9][10]. - The company assumes responsibility for any discrepancies in dividend distribution due to changes in shareholder accounts during the application period [9].

Group 1 - China Shenhua's net profit for the first three quarters decreased by 10% year-on-year, with total revenue of 213.15 billion yuan, down 16.6% [1][2] - Dongfang Caifu reported a 51% increase in net profit for the first three quarters, reaching 90.97 billion yuan, a 50.57% year-on-year growth [3][4] - Geer Co. achieved a net profit growth of 10.33% year-on-year, totaling 25.87 billion yuan, despite a 2.21% decline in revenue [5][6] Group 2 - Changan Automobile's net profit fell by 14.66% year-on-year, with total revenue of 1,149.27 billion yuan, up 3.58% [7][8] - Zhinanzhen reported a significant net profit increase of 205% year-on-year, reaching 1.16 billion yuan, driven by growth in financial information services [9] - Dongpeng Beverage's net profit grew by 42% year-on-year, totaling 37.61 billion yuan for the first three quarters [10][11] Group 3 - Ping An Bank's net profit decreased by 2.8% year-on-year, with total revenue of 1,006.68 billion yuan, down 9.8% [12][13] - Goldwind Technology reported a 171% increase in net profit for the third quarter, reaching 25.84 billion yuan for the first three quarters [15] - Yilong Co. achieved a net profit growth of 113.97% year-on-year, totaling 19.88 billion yuan in the third quarter [16][17] Group 4 - Tongwei Co. reported a net loss of 5.27 billion yuan for the first three quarters, with total revenue of 646 billion yuan, down 5.38% [18][19] - CITIC Securities' net profit increased by 52% year-on-year, reaching 231.59 billion yuan for the first three quarters [20] - Wanhua Chemical's net profit decreased by 17.45% year-on-year, totaling 91.57 billion yuan for the first three quarters [21] Group 5 - Luoyang Molybdenum's net profit increased by 96.4% year-on-year, reaching 142.80 billion yuan for the first three quarters [22] - Xiamen Tungsten's net profit grew by 41.54% year-on-year, totaling 5.52 billion yuan for the first three quarters [44] - Huazhong Cement's net profit increased by 76% year-on-year, reaching 20.04 billion yuan for the first three quarters [41]

Group 1 - Tianshan Aluminum Industry held its 18th meeting of the 6th board of directors on October 24, 2025, in Shanghai, where it reviewed the proposal for nominating independent director candidates [1] - For the first half of 2025, Tianshan Aluminum's revenue composition was entirely from the aluminum industry, accounting for 100.0% [1] - As of the report date, Tianshan Aluminum's market capitalization was 62.3 billion yuan [1] Group 2 - A well-known brand spent 170 million yuan to acquire 2,000 shares of a target company with a registered capital of only 10,000 Hong Kong dollars, raising questions about the necessity of the acquisition [1]

Core Insights - Tianshan Aluminum achieved a revenue of 22.32 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 7.34% [1] - The net profit attributable to shareholders reached 3.34 billion yuan, up 8.31% year-on-year, with a basic earnings per share of 0.73 yuan [1] - The company is actively pursuing a green low-carbon transformation project for 1.4 million tons of electrolytic aluminum capacity, expected to increase total output by nearly 20% [2] Financial Performance - In Q3 2025, Tianshan Aluminum's net profit reached 1.256 billion yuan, with a quarter-on-quarter growth of approximately 34% [1] - The company's financial expenses for the first three quarters were 382 million yuan, a decrease of 30.8% year-on-year, enhancing profit growth potential [1] Production and Cost Management - The average selling price of electrolytic aluminum increased by about 2% quarter-on-quarter due to improved market conditions [1] - Production costs decreased as high-priced alumina inventory was gradually consumed, and self-generated electricity costs fell due to regional coal price advantages [1] Shareholder Returns - Tianshan Aluminum announced a mid-term dividend plan, distributing 2 yuan per 10 shares, totaling 920 million yuan, with a commitment to maintain a dividend payout ratio of no less than 50% of net profit for 2025 [2] - The company has completed a new round of share buybacks, repurchasing 23.71 million shares for over 200 million yuan, reflecting management's confidence in the company's intrinsic value [3] Resource Management - Tianshan Aluminum is actively seeking quality bauxite resources domestically and internationally, aiming to enhance self-sufficiency in upstream resources [3] - The company is aligned with national policies to increase domestic bauxite resource availability by 3% to 5% by 2027 [3]

Core Viewpoint - Tianshan Aluminum (002532) reported its Q3 2025 results, showing a slight decline in revenue but a significant increase in net profit [1] Financial Performance - Q3 revenue was 6.994 billion yuan, a year-on-year decrease of 0.25% [1] - Q3 net profit reached 1.256 billion yuan, reflecting a year-on-year increase of 24.3% [1] - For the first three quarters, total revenue was 22.321 billion yuan, representing a year-on-year growth of 7.34% [1] - Net profit for the first three quarters was 3.34 billion yuan, with a year-on-year increase of 8.31% [1] - Basic earnings per share stood at 0.73 yuan [1]

Group 1 - The core point of the article is that Tianshan Aluminum reported a slight decline in revenue for the third quarter while experiencing significant growth in net profit [1] Group 2 - In the third quarter, the company's revenue was 6.994 billion yuan, a year-on-year decrease of 0.25%, while net profit reached 1.256 billion yuan, an increase of 24.30% [1] - For the first three quarters, the company's revenue totaled 22.321 billion yuan, reflecting a year-on-year growth of 7.34%, and net profit amounted to 3.34 billion yuan, up 8.31% year-on-year [1]

天山铝业集团股份有限公司 信息披露管理制度 （2025 年 10 月修订） 第一章 总则 第一条 为规范天山铝业集团股份有限公司（以下简称"本公司"或"公司"） 的信息披露行为，确保公司信息披露内容的真实、准确、完整，切实维护公司、 股东及投资者的合法权益，根据《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司信息披露管理办法》（以下简称《管理办法》）《上市公司治 理准则》《深圳证券交易所股票上市规则》（以下简称《上市规则》）及《深圳 证券交易所上市公司自律监管指引第5号——信息披露事务管理》《上市公司信 息披露暂缓与豁免管理规定》等相关法律、法规、规章、规范性文件以及《天山 铝业集团股份有限公司章程》（以下简称《公司章程》）的规定，制定本制度。 第二条 本制度适用于公司及其合并报表范围内子公司。公司参股公司发生 的可能对公司股票交易价格产生较大影响的事项，应当参照适用本制度履行信息 披露义务。 本制度亦适用于公司董事和董事会、审计委员会成员和审计委员会、董事会 秘书和董事会办公室成员、公司高级管理人员、公司控股股东、实际控制人和持 有公司5%以上股份的股东，以及其他负有信息披露职责的机构和人员。 ...

天山铝业集团股份有限公司 股东会议事规则 （2025 年 10 月修订） 第一章 总则 第一条 为规范公司行为，保证公司股东会依法行使职权，根据《中华人民 共和国公司法》（以下简称《公司法》）《中华人民共和国证券法》（以下简称《证 券法》）《上市公司股东会规则》（以下简称《股东会规则》）的规定，制定本规则。 第二条 公司严格按照法律、行政法规、《股东会规则》《天山铝业集团股份 有限公司章程》（以下简称《公司章程》）的相关规定召开股东会，保证股东能够 依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当 勤勉尽责，确保股东会正常召开和依法行使职权。 第三条 股东会在《公司法》《公司章程》规定的范围内行使职权。 第四条 股东会分为年度股东会和临时股东会。年度股东会每年召开一次， 于上一会计年度结束后的 6 个月内举行。临时股东会不定期召开，出现《公司法》 第一百一十三条规定或《公司章程》规定的应当召开临时股东会的情形时，临时 股东会应当在 2 个月内召开。 公司在上述期限内不能召开股东会的，应当报告公司所在地中国证监会派出 机构和深圳证券交易所，说明原因并公告。 第五条 公司召开股东 ...